Bitcoin ETFs Draw $2.8B in Eight-Day Streak as BTC Tests $80K

In brief

• U.S. spot Bitcoin ETFs have seen inflows of $2.8 billion across eight consecutive trading sessions.
• Daily inflows have retreated from a peak of $606 million on August 20 to $232 million on Wednesday.
• HashKey's Tim Sun told Decrypt the streak matters more than any single day, though its shrinking size points to weakening buying pressure.

Bitcoin traded around $79,520 on Thursday, up 1.1% over the past day after touching an intraday high of $80,475, according to CoinGecko data, as U.S. spot Bitcoin ETFs extended a run that has drawn $2.8 billion across eight consecutive trading sessions.

BlackRock's IBIT accounted for $2.02 billion of the run, or 72% of the total, Farside Investors data shows. Grayscale's GBTC was a net loser over the same stretch, shedding $50.4 million on Wednesday alone.

That divergence has defined the category since launch, with cumulative net inflows standing at $54.7 billion. IBIT has drawn $63.1 billion while GBTC has bled $27.6 billion over that period.

Bloomberg ETF analyst Eric Balchunas tweeted that gold and Bitcoin funds had drawn a combined $7 billion over the past week, calling it "by far a record for a 5-day period" and attributing the surge to a debasement trade pulling attention from AI. He noted IBIT's year-to-date flows have turned positive after a long spell in the red.